James Ci Lee Sells 1,116 Shares of Seagate Technology Holdings PLC (NASDAQ:STX) Stock

Key Points

• Insider James Ci Lee sold 1,116 shares of Seagate Technology at an average price of $153.36, reducing his ownership by 81.28% and leaving him with only 257 shares valued at approximately $39,413.52.
• Seagate Technology reported $2.59 earnings per share for the latest quarter, exceeding expectations of $2.45, and showed a 29.5% year-over-year revenue growth.
• The company has authorized a $5 billion stock repurchase program, indicating the board's belief that the stock is currently undervalued.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) insider James Ci Lee sold 1,116 shares of Seagate Technology stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $153.36, for a total value of $171,149.76. Following the sale, the insider directly owned 257 shares in the company, valued at $39,413.52. The trade was a 81.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

James Ci Lee also recently made the following trade(s):

• On Thursday, July 31st, James Ci Lee sold 3,509 shares of Seagate Technology stock. The shares were sold at an average price of $154.74, for a total value of $542,982.66.

Seagate Technology Price Performance

Seagate Technology stock remained flat at $154.81 during mid-day trading on Monday. The company's stock had a trading volume of 2,509,635 shares, compared to its average volume of 4,026,595. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $157.62. The company has a fifty day simple moving average of $138.28 and a 200-day simple moving average of $107.87. The stock has a market cap of $32.85 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 0.98 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.14. The business had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The business's revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. As a group, equities research analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio is presently 42.54%.

Seagate Technology announced that its board has authorized a stock repurchase program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research report on Wednesday, May 21st. Cantor Fitzgerald upgraded Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price objective for the company in a research report on Wednesday, July 30th. Robert W. Baird raised their price objective on Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. TD Cowen raised their price objective on Seagate Technology from $135.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Barclays raised their price objective on Seagate Technology from $90.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $151.44.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in STX. American Century Companies Inc. raised its stake in Seagate Technology by 0.9% during the fourth quarter. American Century Companies Inc. now owns 29,099 shares of the data storage provider's stock valued at $2,512,000 after buying an additional 246 shares during the last quarter. Norges Bank bought a new stake in shares of Seagate Technology in the 4th quarter worth $25,729,000. World Investment Advisors increased its holdings in shares of Seagate Technology by 77.0% in the 4th quarter. World Investment Advisors now owns 3,510 shares of the data storage provider's stock worth $303,000 after purchasing an additional 1,527 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Seagate Technology by 4.4% in the 4th quarter. Wells Fargo & Company MN now owns 996,394 shares of the data storage provider's stock worth $85,999,000 after purchasing an additional 41,567 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Seagate Technology in the 4th quarter worth $820,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.

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